Univision CEO Randy Falco To Retire At End Of 2018

(RTTNews) - Haim Saban, Chairman of the Board Directors for Univision Communications Inc., said that there were multiple rumors out there and on behalf of the Univision Board he would like to set the record straight about chief executive officer Randy Falco. Recently Randy informed the company that he would like to retire at the end of 2018 when he will turn 65 years old and end an outstanding 8-year tenure as the Chief Exutive officer of Univision. The Board of Univision have reluctantly agreed to Randy's wishes out of respect.

Haim Saban said, "..Recently Randy came to us and told us that he would like to retire at the end of 2018 when he will turn 65 years old and end an outstanding 8-year tenure as the CEO of Univision. Let me be clear we at the Board of Univision have reluctantly agreed to Randy's wishes out of respect and the high regard we have for him as a partner. During his time as CEO he has modernized the Univision organization, grown earnings and reduced debt at record levels and we could not be more pleased with his performance. We have asked Randy to work with us over the next year in restructuring the company and consult with the board on a transition to new leadership."

Earlier today the Wall Street Journal reported Univision Communications board is considering replacing Chief Executive Randy Falco and undertaking a business review that could lead to severe cost cuts, , on the heels of the Spanish-language broadcaster's shelving of its plans for an initial public offering. Falco, 64, recently approached the board to negotiate an early retirement, some of the people said. Others said he had lost favor with some board members in recent months.

Univision's private-equity backers—which include billionaire Haim Saban's Saban Capital Group, Madison Dearborn Partners and Providence Equity Partners, among others—also have retained a consulting firm to undertake a review of Univision's businesses. The company is contending with a rapidly shifting television landscape, significant ratings declines on its broadcast network and the inability to engineer an exit for the company's longtime private-equity owners.

The business review could result in cost cuts in the range of $200 million, including significant layoffs, the report said.

On Tuesday, Univision said it no longer plans to go through with an initial public offering. It had registered for an IPO with regulators in 2015 but repeatedly delayed it because of a rocky IPO market and weakness in media stocks.